STATE STREET RESEARCH ANNOUNCES NEW APPOINTMENT IN EQUITY PORTFOLIO MANAGEMENT

BOSTON, MA August 28, 2002 - State Street Research & Management Company, one of the nation's oldest investment managers, announced today that Jeffrey R. Lindsey, CFA will be joining the firm on September 3 as managing director and head of the large cap growth team. He will oversee the firm's large cap growth team and will have direct investment management responsibilities. Lindsey will report to C. Kim Goodwin, the firm's recently appointed chief investment officer - equities.

"This is a strategically significant role and reflects our focus on maximizing resources to add the most value for our shareholders and clients," said Goodwin. "The firm has always employed a team approach to portfolio management and I am confident that Jeff's extensive experience will provide excellent leadership to the team and further strengthen the investment process."

Lindsey, age 40, is a 15-year veteran of the investment business. He joins State Street Research from Putnam Investments, where he most recently served as managing director and director of concentrated growth products, and large cap growth portfolio manager. Lindsey had direct portfolio management responsibility for over $15 billion in large cap growth assets. He joined Putnam in 1994 as an equity research analyst and covered food, cable and media companies. Prior to this, Lindsey was a securities analyst and portfolio manager for Atlanta-based Strategic Portfolio Management. He started his investment career in 1984 at State Street Corporation in Boston as an account manager for the mutual fund business.

Lindsey holds a bachelor's degree in commerce and finance from University of Virginia, as well as a MBA from Emory University.

State Street Research & Management Company, with a history dating back to 1924, is one of the nation's first investment management organizations. The Boston-based firm is a subsidiary of MetLife (NYSE:MET), one of the world's largest financial services companies. The firm together with its affiliate SSR Realty actively manages stock, bond, real estate and balanced portfolios for both institutional and individual investors. State Street Research manages pension money for many of the largest U.S. corporate pension plans and traces many of its institutional client relationships back more than 30 years. State Street Research also manages money for union programs, public employee pension plans, foundations, endowments, mutual funds for over 649,000 shareholder accounts, as well as individually managed accounts for affluent investors. The firm's Web site address is www.statestreetresearch.com. As of July 31, 2002, State Street Research together with its affiliate SSR Realty managed $46.2 billion in assets, of which $30.5 billion represented institutional clients, $9.2 billion represented retail mutual funds and individually managed accounts, and $6.5 billion represented sub-advisory relationships.